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the obama administration firing back calling such charges ludicrous. what is the real story? joining me now, former white house chief economist and labor department commissioner keith hall, moody's chief economist, john lonski, and carried from call bomb capital management. welcome to you all. very curious. nearly a half percent move in the an employment rate on just 114,000 jobs growth in the month surprising to jack welch, former ceo of ge. here is what he said. >> well, and the last two months we have gone from 83-81. now we are going to 7.8% by changing the numbers assumptions. like. i don't know if -- what the right number is. i tell you, these numbers don't smell right when you think about where the economy is right now. gerri: gary, to you first. is the bls giving as ps? >> it is the bs. look. three months ago i said that even if we got newt we would be under 8% because the politics of it. we saw 30 days ago the fed announced a open ended printing of money to get asset prices up, and they say 50 days before election, this one is a joke. if you noticed anything about th
the obama administration firing back calling such charges ludicrous. what is the real story? joining me now, former white house chief economist and labor department commissioner keith hall, moody's chief economist, john lonski, and carried from call bomb capital management. welcome to you all. very curious. nearly a half percent move in the an employment rate on just 114,000 jobs growth in the month surprising to jack welch, former ceo of ge. here is what he said. >> well, and the last...
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they think it's oh so convenient for the obama administration. what do you say? >> stuart, stuart, i'm going to tell you something. one of-- let's get serious here. our status stigses in washington d.c., i'm not saying they can't play a little bit at the margins, but we've had a declining unemployment rate and a growing economy for almost three years now and if people don't believe the-- i think one of the reasons people have a problem believing the numbers, they bet so heavily on really bad economy, i think. stuart: brian, wait, wait. i know what you've been saying, i know what you've been saying. >> the unemployment rate to be below #-- >> the reason why the unemployment rate has come down is because god knows how many millions of people have dropped out of the work force and now, suddenly, oh, how conveniently, in the month of september, 873,000 of them come right back in and say, i got a job. what's with that? >> well, okay, there's two surveys, i mean, if you really want to get in the weeds. stuart: i do. >> the household survey where we knock on people's do
they think it's oh so convenient for the obama administration. what do you say? >> stuart, stuart, i'm going to tell you something. one of-- let's get serious here. our status stigses in washington d.c., i'm not saying they can't play a little bit at the margins, but we've had a declining unemployment rate and a growing economy for almost three years now and if people don't believe the-- i think one of the reasons people have a problem believing the numbers, they bet so heavily on really...
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if the obama administration cooked the books, certainly the bush administration would have done so in those terrible years when the economy turned, or if someone in the administration has that kind of power. >> yeah. i actually agree 100% with mr. harwood and with tony whose tweet you quoted. you don't have to attack the integrity of the number to attack the substance of the numbers. 114,000 new jobs is nothing to celebrate. it takes 150,000 new jobs every month to absorb new work into the work force. we have 3.4 college graduates this year that need to find jobs and need 150,000 jobs to stosh them and the other people entering the work force. back in 2004 barack obama attacked president bush for a jobs report where 300,000 jobs were created, three times today's jobs. we're celebrating this today, and i think it's unwise. it shows that the expectations are much lower. we have a much lower bar to define success, and i don't think that's good for anyone. i don't think that's good for the american economy or any one of us. >> i wanted to say, look, jack welch was a successful businessman
if the obama administration cooked the books, certainly the bush administration would have done so in those terrible years when the economy turned, or if someone in the administration has that kind of power. >> yeah. i actually agree 100% with mr. harwood and with tony whose tweet you quoted. you don't have to attack the integrity of the number to attack the substance of the numbers. 114,000 new jobs is nothing to celebrate. it takes 150,000 new jobs every month to absorb new work into...
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that has helped the obama administration and the obama campaign define him and i think he pushed back against that with the humor. >> let me look forward and ask you, mark halperin, what do you anticipate coming up now? next week we've got the two vice presidents -- the vice president and his challenger paul ryan there and how about the town hall format for barack obama? the conventional wisdom has been because everybody has bill clinton in their mind that the democrat, president obama, will do better in the town hall relating and empathizing and showing he connects to people. i'm not so sure about this president. >> well, i'm not so sure, although both of them will be -- i think the strongest mitt romney has been in my experience as a presidential candidate on the debate the other night was the events he did in both cycles last campaign in 2008 and this one, his so-called ask mitt anything events where he did take questions from people. he showed humor and the kind of fluidness and personality that he showed in the depate ba in those events and people that think this format clearly f
that has helped the obama administration and the obama campaign define him and i think he pushed back against that with the humor. >> let me look forward and ask you, mark halperin, what do you anticipate coming up now? next week we've got the two vice presidents -- the vice president and his challenger paul ryan there and how about the town hall format for barack obama? the conventional wisdom has been because everybody has bill clinton in their mind that the democrat, president obama,...
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obviously the obama administration takes issue with it and says it isn't true. do you think this could be enough, if mitt romney could make the case for him to win the election? >> i think it's a very important point. remember why he wants to have the tax reform he wants. it's to make sure that the united states grows better than we've seen in the past four years. and what mr. romney is trying to say is, look, we have all these people out of work. we have all these people with jobs whose incomes are not growing. let's lower rates, broaden the base, be respectful of the middle class and the deficit by but have a better tax policy in place. it's good positions for him. the president can't even get the first step right. instead of lowering rates and broadening the base, he is insisting on raising taxes. that's a bit of a tough sell right now. it was the same president who, in 2010, said we can't afford to raise taxes on anyone. the economy is too weak. we're growing faster then than we are now. >> how big an issue could it be for democrats if mitt romney successful
obviously the obama administration takes issue with it and says it isn't true. do you think this could be enough, if mitt romney could make the case for him to win the election? >> i think it's a very important point. remember why he wants to have the tax reform he wants. it's to make sure that the united states grows better than we've seen in the past four years. and what mr. romney is trying to say is, look, we have all these people out of work. we have all these people with jobs whose...
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the man who broke the story that the obama administration knew it was a well-planned terrorist attack within 24 hours. daily beast writer, eli lake, joins us. governor romney campaigning today in virginia and florida riding high off the debate performance renewing enthusiasm in the republican party. new posts debate poll numbers show m the governor closing the gap with the president. fox news, chief political cor responsibility carl cameron with our report. ♪ >> a month before election day, and unemployment below 8% for the first time in the obama era, obama called it too little, too late because so many stoppedded looking for work. >> the truth is, if the same number of people were participating in the work force today as when the president was elected, unemployment would be 11%. >> romney says his plan creates long term jobs rather than part time work to get the unemployment under 8%, 32 days before the election. >> i will help create 12 million new jobs and rising take home pay. romney's debate performance is rising in polls inches ahead in ohio and virginia be it within the poll
the man who broke the story that the obama administration knew it was a well-planned terrorist attack within 24 hours. daily beast writer, eli lake, joins us. governor romney campaigning today in virginia and florida riding high off the debate performance renewing enthusiasm in the republican party. new posts debate poll numbers show m the governor closing the gap with the president. fox news, chief political cor responsibility carl cameron with our report. ♪ >> a month before election...
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we are learning some members of the intel community were preparing to do as the obama administration claimed this attack was not preplanned. en we. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. or get the yard ready for cool an energy weather?n to size? the answer? a lot less. the great american fix-up is going on now... ...with new projects every week and big savings every day. so you can do what needs to be done. today. more saving. more doing. that's the power of the home depot. right now, owens corning ecotouch attik insulation is only $11.87 a roll. [ male announcer ] you've reached the age where you don't back down from a challenge. this is the age of knowing how to make things happen. sowhy let erectile dysfunction get in your way? talk to your doctor about viagra. 20 million men already have. ask your doctor if your heart is healthy enough for sex. do not take via
we are learning some members of the intel community were preparing to do as the obama administration claimed this attack was not preplanned. en we. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. or get the yard ready for cool an energy weather?n to size? the answer? a lot less. the...
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and another very important point for the obama administration. >> so, john, maria is right in part because it has taken away an important talking point from the romney campaign. he can no longer say the president promised to get the unemployment rate under 8%, now at 7.8%. we have one more jobs report to go so who knows. what can mitt romney do to -- for lack of a better term, spin the numbers. >> well, i think people see this and say is that really the best we can do. i think everybody is happy when we see any movement. but, let's face it, unemployment is right under 8%. we aren't seeing -- i believe 500,000 jobs in this report were part time workers. people want jobs and they want even more than jobs they want careers and they want hope. right now they don't see that. they see a president is doing nothing about jobs going overseas, they see a president who adds a small business tax at the time they can least afford it, they see college graduates, half of them coming out and can't find the jobs they want based upon the degrees that they have. and so i think there is concerns when this pre
and another very important point for the obama administration. >> so, john, maria is right in part because it has taken away an important talking point from the romney campaign. he can no longer say the president promised to get the unemployment rate under 8%, now at 7.8%. we have one more jobs report to go so who knows. what can mitt romney do to -- for lack of a better term, spin the numbers. >> well, i think people see this and say is that really the best we can do. i think...
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>> this is fantastic for the obama administration, for the obama campaign. it breaks the back of the mitt romney that forever we've had an unemployment rate over 8%. >> changes the conversation as well. >> changes the conversation and momentum mitt romney had coming out of that debate.
>> this is fantastic for the obama administration, for the obama campaign. it breaks the back of the mitt romney that forever we've had an unemployment rate over 8%. >> changes the conversation as well. >> changes the conversation and momentum mitt romney had coming out of that debate.
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>> that's, of course, why the obama administration is not spiking the ball tonight. but we are finally beginning to clean up the mess that was created under the bush administration and the blind eye that was turned to wall street, and, of course, romney is trying to change his story, too. in the debate he said, oh, i'm not against regulating wall street. really? they're for repealing the dodd/frank bill, creating the stage that would actually take us back to where we were at the hemorrhaging of jobs. we're finally beginning to turn the corner. >> when we look at what we saw on wednesday night, the president certainly under fire for this less than dynamic performance, some questioning whether he entered this debate under prepared and over confident. as we pointed out at the top of the show, you are vice chair of the obama campaign, did you president underestimate his opponent and did it take the wind out of your sails for the work you're doing for the president to get re-elected. >> i'll tell you what, it's really hard to argue against somebody who shows up with total
>> that's, of course, why the obama administration is not spiking the ball tonight. but we are finally beginning to clean up the mess that was created under the bush administration and the blind eye that was turned to wall street, and, of course, romney is trying to change his story, too. in the debate he said, oh, i'm not against regulating wall street. really? they're for repealing the dodd/frank bill, creating the stage that would actually take us back to where we were at the...
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just days after accusing the obama administration of crushing the coal industry. in the meantime mitt romney is now clarifying his controversial 47% statement. now he says he was complete his wrong when he said that half of americans are victims and dependent on the government. >>> goo news -- good news on the jobs front. the newly released jobs report shows the unemployment rate fell to 7.8% last month. coming up at 6:15 we will take you live to our washington, d.c. bureau. we'll let you hear more about how this report will effect the presidential election. >>> right now we want to go back over to sal. so he's keeping an eye on traffic. how does it look? >> it looks all right. we don't have a lot of slow traffic out there. we've had a couple miner fender benders. we look at the bigger trends here. right now it's getting sloes. if you look at bay point it doesn't look that bad. it looks good on the rest of highway 4 so far. looking at the bay bridge toll plaza it's backed up in some of the lanes. usually the metering lights go on at 6:15 or so. we'll see what happ
just days after accusing the obama administration of crushing the coal industry. in the meantime mitt romney is now clarifying his controversial 47% statement. now he says he was complete his wrong when he said that half of americans are victims and dependent on the government. >>> goo news -- good news on the jobs front. the newly released jobs report shows the unemployment rate fell to 7.8% last month. coming up at 6:15 we will take you live to our washington, d.c. bureau. we'll let...
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and what a second term obama administration would look like. and what it would do for middle class americans all over this country. i think we achieved that. i think what we didn't expect is for that mitt romney to show up. i know mitt romney is an aggressive debater, a great debater, in his own words. was one of the things he used as a credential to becoming the republican nominee. we didn't expect him to be aggressively dishonest last night. >> was the president taken by the number of lies? >> well, you know, i think that, you know, today looking back at last night, you saw what the president did on the stump today. called mitt romney out for what he did last night. not just about his $5 trillion tax cut but a number of other things. and, you know, we'll continue doing that. as i was listening to your piece coming into me, and you talked about our ad. we went on the air today. we're going to continue doing it pointing out all the things mitt romney said last night that are basically not true. it's almost as if he forgot what the last six year
and what a second term obama administration would look like. and what it would do for middle class americans all over this country. i think we achieved that. i think what we didn't expect is for that mitt romney to show up. i know mitt romney is an aggressive debater, a great debater, in his own words. was one of the things he used as a credential to becoming the republican nominee. we didn't expect him to be aggressively dishonest last night. >> was the president taken by the number of...
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here is a look at how the rate has fluctuated during president obama's administration. you can see that sharp rise in the beginning when we were still in a recession. and then a gradual slow lowering over the last couple of years. the unemployment news comes as we get word that americans borrowed $18 billion more in august than the month before. much of that borrowing coming in the form of credit cards and student loans. wall street reaction somewhat mixed today. the dow gaining 35 and closing at its highest level in nearly five years on this friday. the nasdaq dropped 13. the s&p 500 was flat. right now, republic candidate for president, governor mitt romney is speaking at an event in st. petersburg, florida. we understand is he going to be touching on the economy. let's watch for just a moment. >> the participation of our adults in the workforce were the same as at the time that he got elected. our unemployment rate would be about 11%. people in this country are having a hard time finding a job. people in this country are having a hard time making ends meet even if th
here is a look at how the rate has fluctuated during president obama's administration. you can see that sharp rise in the beginning when we were still in a recession. and then a gradual slow lowering over the last couple of years. the unemployment news comes as we get word that americans borrowed $18 billion more in august than the month before. much of that borrowing coming in the form of credit cards and student loans. wall street reaction somewhat mixed today. the dow gaining 35 and closing...
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. >> it was obviously not safe to have him there and i think the state department and the obama administration really owes the american people a full, frank revelation of what they knew, when they knew it -- >> steve: before the election. >> before the election. >> gretchen: maybe it will come up in the next debate when they talk about foreign affairs. >> it should and i'm positive that mitt romney will be extremely prepared and will take it to the president, what did you know on tuesday? what did you know on wednesday or thursday? >> brian: also the town hall format. i think it works for the president. >> steve: okay. foreign affairs, i'm sure you've had a couple, geraldo. >> gretchen: whoa! that was not on the card either! that was in the book, not on the card. see you later. al gore knows exactly why the president got battered by mitt romney. did you hear this one? >> when you go to 5,000 feet -- >> exactly -- and you only have a few hours to adjust did she. >> gretchen: altitude? >> steve: the most awesome story you'll hear all day, a dog slips out of his house, starts running. where does
. >> it was obviously not safe to have him there and i think the state department and the obama administration really owes the american people a full, frank revelation of what they knew, when they knew it -- >> steve: before the election. >> before the election. >> gretchen: maybe it will come up in the next debate when they talk about foreign affairs. >> it should and i'm positive that mitt romney will be extremely prepared and will take it to the president, what...
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administration. jack welch bei one of those. >> what i would say to those that say that we're cooking the books, first of all, it insults the integrity of the labor department, but secondly, it also means that they're not looking closely enough at the numbers, and typically what happens is that analysts put too much emphasis on the jobs report number. that number by virtue of the way it's collected from some 130,000 establishments and it's done through some by fax machine and others, that number is always going to be very variable. it's much like the adp number that we get earlier than even that number, so it's adjusted up and down every month, and so some months it will be down and adjusted upward, and other months it will be up and adjusted downward. >> it's a balance. >> yes. that's going to happen. but what's interesting is that -- >> tell us real quick what's interesting. >> last month it was adjusted upward, and we would expect it to happen this month. >> it's good news all around. thank you, d
administration. jack welch bei one of those. >> what i would say to those that say that we're cooking the books, first of all, it insults the integrity of the labor department, but secondly, it also means that they're not looking closely enough at the numbers, and typically what happens is that analysts put too much emphasis on the jobs report number. that number by virtue of the way it's collected from some 130,000 establishments and it's done through some by fax machine and others, that...
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remember, this is the end of the bush administration, early obama administration, the economy was bleeding jobs. 800,000 jobs a month at one point. spurt a growth, back down again. this is what the president says, no, it's not as robust as i would like, but look at this. look at this. since 2010 the economy has been adding jobs including 114,000 in september. that's what the president would say. governor romney says that's not enough. and with less regulation, lower taxes, other pro-business incentives you could create more. last month, health care jobs up, transportation jobs up. this one, wolf, in a report largely encouraging for the president, this is a bit discouraging, manufacturing jobs are down. if you look at the history of manufacturing in the obama presidency, again, you have the huge drop early on and a bit of a recovery since. but manufacturing jobs are still down from the beginning of the obama presidency. let me walk back over to this map for a second. that does matter in places like, the battleground states as well as anyone, ohio's a battleground, iowa's a battleground, in
remember, this is the end of the bush administration, early obama administration, the economy was bleeding jobs. 800,000 jobs a month at one point. spurt a growth, back down again. this is what the president says, no, it's not as robust as i would like, but look at this. look at this. since 2010 the economy has been adding jobs including 114,000 in september. that's what the president would say. governor romney says that's not enough. and with less regulation, lower taxes, other pro-business...
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under the obama administration and their justice department, they sent thousands of guns to the most evil people on the planet, the mexican drug cartels. they had a massive campaign to manipulate public opinion with the whole a 90% nonsense. the president, vice president, secretary clinton, they sounded like a barbershop quartet singing that. it was not true. they were ruining the lives of honest american citizens that own firearm shops that they told to make the sales. they went ahead and make the sales and the media is reporting there are unscrupulous dealers and some they even tried to prosecute. when good federal agents down the line blew the whistle on the mess, they tried a massive cover-up scene. the best way to give eric holder his walking place papers is to give president obama his walking papers on election day. we really are on the edge of an obama cliff. before president obama thought the gun owners matter, he was for a handgun ban, semiautomatic ban, he was for banning single shot, side-by-side shotguns. he wanted to raise the excise tax that you would pay on firearms an
under the obama administration and their justice department, they sent thousands of guns to the most evil people on the planet, the mexican drug cartels. they had a massive campaign to manipulate public opinion with the whole a 90% nonsense. the president, vice president, secretary clinton, they sounded like a barbershop quartet singing that. it was not true. they were ruining the lives of honest american citizens that own firearm shops that they told to make the sales. they went ahead and make...
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we have seen the obama administration tried to do that the last four years and we have seen ideas from the ronny administration. romney administration. host: how large a role this manufacturing plant in the u.s.? -- does manufacturing play in the u.s.? guest: a lot of people feel like it is is dying industry in america, but take a look at the numbers. the u.s. still the world's largest manufacturer. manufacturing comprises 11.7% of gross domestic product. manufacturing comprises 9% of total u.s. employment. and it is directly employing 10.9 million workers in the u.s. host: we are going to get into the numbers and look at how things like 9% total employment have changed at the last couple of decades. mr. morath, let me ask about the kinds of manufacturing done. surely that has changed the last couple of decades. guest: we have a fairly robust automotive industry, but there are a number of different areas where things have changed and could change further, such as increasing energy production -- oil, gas, refining. host: this chart is from the bureau of labor statistics, a sister agency
we have seen the obama administration tried to do that the last four years and we have seen ideas from the ronny administration. romney administration. host: how large a role this manufacturing plant in the u.s.? -- does manufacturing play in the u.s.? guest: a lot of people feel like it is is dying industry in america, but take a look at the numbers. the u.s. still the world's largest manufacturer. manufacturing comprises 11.7% of gross domestic product. manufacturing comprises 9% of total...
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this is a substantial change from what was happening in the last two years of the bush administration. it may not have happened as fast as obama wanted, but this is a base for solid growth, this is not a blip you have had a steady trend that indicates that things are getting much better. if you look at auto sales, you have got to feel better about these things. if we can just get this fiscal cliff nonsense out of the way. if the republicans in the house in particular could be wiped out and we could get some deals together we could eliminate a lot of uncertainty. >> i want to throw in one thing as people are looking at the numbers. one thing that you'll often hear after a good report usually from republicans is more people have stopped looking for work. and i see here 418,000 more people were looking for work in september than in august. so this is not due to people dropping out of the work force. >> jamal: great. and peter can you look at private sector growth and whether or not there was -- they cut public sector -- >> actually i have seen some quick numbers here. the private sector
this is a substantial change from what was happening in the last two years of the bush administration. it may not have happened as fast as obama wanted, but this is a base for solid growth, this is not a blip you have had a steady trend that indicates that things are getting much better. if you look at auto sales, you have got to feel better about these things. if we can just get this fiscal cliff nonsense out of the way. if the republicans in the house in particular could be wiped out and we...
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the curious position taken by the obama administration. in particular, the view that the statutes should allow for liability in some foreign cases, but not work is a corporation in one country being sued in another. it did not seem like the argument had any fans of the court yesterday, but i am curious if the panelists have talked about whether that is an intermediate position. whether the court might see that as a way out of this. whether jon cash explain why this brief was not signed by his -- wide jon cash explain why this brief was not signed by his predecessor. -- whether john can explain why this brief was not signed by his predecessor. >> it is so difficult to be a government official. you have to represent all of these competing interests. yes, you want to provide lawsuits that combine the -- provide accountability for bad human rights abuses. you want to uphold international law and prevent abusive reciprocal actions. in the first round of briefing, the administration filed a brief which people applauded. yes, corporations can be
the curious position taken by the obama administration. in particular, the view that the statutes should allow for liability in some foreign cases, but not work is a corporation in one country being sued in another. it did not seem like the argument had any fans of the court yesterday, but i am curious if the panelists have talked about whether that is an intermediate position. whether the court might see that as a way out of this. whether jon cash explain why this brief was not signed by his...